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EGB Supply For W/C May 23, 2022 (1/2): Recap

EUROZONE ISSUANCE

Finland, France, Germany, Lithuania and Italy are all still due to sell bonds this week for a further estimated E14.3bln. Greece, the EU, Belgium, the Netherlands, Austria and Italy have sold bonds already this week for an estimated E17.4bln. We look for estimated gross nominal issuance of E31.7bln, down from the E34.7bln sold last week.

  • Greece kicked off issuance for the week on Monday, selling E500mln of the 3.90% Jan-33 GGB (ISIN: GR0128015725) via auction.
  • The EU then sold E2.498bln of the 10-year 1.00% Jul-32 EU NGEU (ISIN: EU000A3K4DD8).
  • Also Monday, Belgium sold a combined E3.807bln of 3/10/55-year OLOs (top of the target range): E1.258bln of the 0.80% Jun-25 OLO (ISIN: BE0000334434), E1.757bln of the 0.35% Jun-32 OLO (ISIN: BE0000354630) and E792mln of the 2.15% Jun-66 OLO (ISIN: BE0000340498).
  • On Tuesday, the Netherlands sold E1.53bln of the 30-year 0% Jan-52 DSL (ISIN: NL0015614579), the mid-point of the E1-2bln target range.
  • Also Tuesday, Austria launched its inaugural Green RAGB via syndication. E4bln (including E250mln retained by the issued) of the 1.85% Mar-49 Green RAGB was sold, with books over E25bln.
  • Finally on Tuesday, Italy also held a syndication yesterday to sell E5bln of the new 15-year 3.25% Mar-38 BTP. Books were also in excess of E25bln.
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